VNBusinessNews - There are huge opportunities for Viet Nam’s exports to Brazil, regarded as potentially the most lucrative market in Latin American, according local experts.

Domestic firms should foster trade promotion to increase exports to Brazil, especially in the current downturn, suggest experts.

Two-way trade between the two nations had grown strongly in the past five years from a modest $45.9 million in 2004 to $323 million in 2007 and more than $530 million last year, the Ministry of Development, Industry and Foreign Trade of Brazil has said.

On the latest figures, Viet Nam reached export turnover of more than $200 million to the largest Latin American economy, up 87 per cent year-on-year.

Among exports are footwear, diesel engines, coal, rubber, electronics, rattan and bamboo-made products.

Meanwhile, Viet Nam imported more than $334 million worth of goods from the Brazilian market including food, agricultural products, steel and iron, wood materials, cotton and automobile components.

The two countries are striving to raise two-way trade to $1 billion by next year.

Nevertheless, Vietnamese goods hold a small market share in Brazil, only 0.9 per cent in 2007 and 1.2 per cent last year, the ministry notes.

In order to better penetrate the market of 190 million people, firms should concentrate on improving not only quality but also price and packaging.

The effort should focus on seafood, electronic components and hi-tech consumer goods, says Vietnamese Trade Counsellor in Brazil Pham Ba Uong.

The Viet Nam’s Trade Office in Brazil has co-operated with the Trade Promotion Agency to publish a guide book for local firms who want to boost their exports to this market, he says. (VNS)